Articles of Agreement of the International Bank for Reconstruction and Development (AoA): International Treaty Extension to Jersey: Consent

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A decision made 25 July 2024:

Decision Reference: MD-ER-2024-574		Public
Subject: Consent to amendment to the Articles of Agreement of the International Bank for Reconstruction and Development
Report Title: Consent to amendment to the Articles of Agreement of the International Bank for Reconstruction and Development		Exempt (Article 41(1)(a))
Decision(s): The Minster for External Relations (the “Minister”), acting on behalf of the Government of Jersey, decided to confirm the decision to provide consent to the United Kingdom Government to accept a proposed amendment to the Articles of Agreement of the International Bank for Reconstruction and Development (“AoA”). The AoA is an international treaty which has been extended to Jersey.
Reason for Decision(s): The proposed amendment relates to the removal of the Statutory Lending Limit (“SLL”) for the International Bank for Reconstruction and Development (“IBRD”), which is a lending arm of the World Bank. The amendment is designed to provide greater flexibility to the IBRD to raise and deploy financing across its global portfolio of programmes. World Bank Governors have already voted in favour of the amendment, which will enter into force once three-fifths of member states have formally accepted the amendment. Jersey does not provide funding to, or receive funding from, the IBRD and there is no domestic law in Jersey to implement the AoA. On this basis, the Minister has decided to provide Jersey’s consent to the United Kingdom Government to the amendment being accepted by the UK Government on behalf of Jersey. The Minister’s decision will now be conveyed via the official channel.
Resource Implications: There are no new financial and/or manpower implications.
Action Required: Department officers to take the necessary action.
Signature:	Signed By: Minister for External Relations
Date Signed:	Date of Decision (If different from Date Signed):